The bankruptcy dismissal marks the latest development in the financial problems of the Dancing Bear, which was billed as a two-phase development. But only the first phase, located at the corner of Monarch Street and Durant Avenue, has been completed. Construction on the second phase, at the old Chart House location, stopped when financing dried up.

ASPEN REAL ESTATE — A bankruptcy judge Monday dismissed a Chapter 11 reorganization by the owners of Dancing Bear Residences-Aspen development, meaning the legal disputes surrounding the troubled real estate project will play out in state court instead.Judge Michael E. Romero’s ruling came after a hearing Monday in the U.S. Bankruptcy Court in Denver, where DB Capital Holdings filed for Chapter 11 on May 27.The ruling was in response to a motion made by Aspen HH Ventures, which invested $6 million in the project, to dismiss the bankruptcy. Aspen HH Ventures had claimed the bankruptcy was filed “in bad faith,” and done to fend off receivership proceedings in Pitkin County District Court.
By Rick Carroll, June 22, 2010 The Aspen Times

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